Originally Posted by Souluna
TL;DR but if you still have this problem..
Open Settings > Applications > All Applications (or Running Applications) > Swype > Clear Data
Swype is a great keyboard, but I did not like the way it adds words that I tap into it's dictionary. Souluna's answer above is exactly what you need to do to clear these 'tapped in' words.
The other "User Dictionary" is also easy to get to, but the words you put in there, you do on purpose. They are not automatically added. Those are at Settings > Language & Keyboard Settings > User Dictionary